What is the best way to purchase a first home?

Asked by Ali Leckel, Duluth, MN Sun Apr 21, 2013

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Patrick Vand…, , Milwaukee, WI
Mon Mar 10, 2014
Have your parents buy it for you.........Har Har

Go to a lender first, get a pre-approval, see if you qualify for grants specifically for first time homebuyers, then shop around, choose a real estate agent who meets your needs and expectations and stick with them. Good Luck and Have Fun, Patrick
1 vote
Joe Hermanson, Agent, Superior, WI
Mon Jan 26, 2015
My recommendation is to call a realtor with any preliminary questions that you may have. A realtor does have some information on local lending. There may be special financing offers, and a realtor can point you in the right direction to obtain a pre-approval for financing your new home purchase. It is important to find a realtor that is reliable and trustworthy. Feel free to contact me if you have any questions @ (218) 590-8192
0 votes
Yesenia Leos, Agent, Dallas, TX
Mon Jan 13, 2014
The best way to begin the process on buying your first home is to first get prequalified if you are needing a loan. Finding a trustworthy lender to let you know exactly where you stand financially so that you are not wasting time looking for something out of your budget. If you are not needing a bank loan, and paying cash, you would still need a "proof of funds" from your bank so that again you are able to see where you stand and can begin looking for a home in your budget. After knowing your budget, I would suggest finding an agent you can trust who will work for you to find a property that best fits your needs and wants while staying in your budget.
0 votes
Tom Acton, Agent, Superior, WI
Mon Jan 13, 2014
Either meet with a REALTOR, or Lender first. Pick one that you know. As soon as you have met with one, meet with the other one and do what they advise you to do. This industry requires loyalty. The more loyal you are as a consumer the more loyal your agent and lender will be. Do not call a different agent every time you want to see homes. Work with people you know, because they at least expect a call when you start looking. This is a small community and it will end up not being to your advantage in the future if you are working with many agents and lenders.
0 votes
, ,
Tue Apr 30, 2013
Good afternoon Ali,

First steps:

Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.

Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.

Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.

Put together your Team of real estate professionals and shop 'til you drop!

Trevor Curran
NMLS #40140

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0 votes
Ron Rovtar, Agent, Boulder, CO
Tue Apr 30, 2013
Hi Ali:

A number of answers below suggest hiring an agent. But I would take a few steps back and do exactly what you are doing by asking this question: educate yourself. Before you hire an agent, you should talk to several agents (hopefully in person), ask a lot of questions about the buying process and how each individual will help you through it, then do some research about homes in areas that might be appropriate for you. You also should talk to several mortgage brokers for advice and to find one you really want to work with. Too many people assume all real estate agents and all lenders are the same. They are not. And, by the way, the buyers who tend to get the best mortgage interest rates tend to be the ones who shop for loans. And don't think that being rejected by one lender means you will be rejected by all. This often is not true.

Kind regards,
Ron Rovtar
Prudential Real Estate of the Rockies
0 votes
Rich Moen, Agent, Watertown, WI
Sun Apr 21, 2013
That is a great question with a lot of issues to address.
The home buying process is simple and complex at the same time.
I recently worked with a couple who asked about rent to own on Trulia because they were under the impression that was the only way they could buy a home because they did not have a large down payment.
To make a long story short, after discussing with them their needs, budget location and many other issues, we closed on their brand new home 45 days later.

So working with an experienced agent who know the market you are looking to buy in is extremely important. Different areas have different financing programs available. And then there is the whole issue of paying a fair price for the home. How do you make your offer stand out? There is also the inspection process.

If you would like to discuss more issue feel free to give me a call. I may not work in the area you are looking for but I can help. 920-988-0588

Rich Moen ABR
0 votes
Chris Novak, Agent, Brookfield, WI
Sun Apr 21, 2013
Meet with a qualified buyer agent that you feel comfortable with and He/She can guide you through the process and answer all your questions.

Make sure that they are willing to spend the time needed to make you feel comfortable through the whole process and beyond!
0 votes
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